World gold prices turned down in the trading session on July 23, after recovering strongly by about 3% in the previous two sessions. The adjustment took place in the context of oil prices continuing to rise, increasing pressure on the precious metals market.
As of 4:33 PM Vietnam time, spot gold prices fell 1.32% to 4,091.69 USD/ounce, after reaching 4,165.87 USD/ounce at one point in the previous session - the highest level since July 7. US gold futures for August delivery also fell 1.37%, to 4,095.00 USD/ounce.
Despite adjusting again, the 4,000 USD/ounce zone is still an important milestone being monitored by the market.
Gold prices are currently significantly lower than the historic peak of nearly $5,600/ounce set in January. The precious metal is also still about 20% lower than when the US-Iran conflict began at the end of February.
On the energy market, oil prices increased for the fifth consecutive session. Brent oil prices increased sharply by 4.37% to 98.18 USD/barrel, WTI oil prices increased by 3.81% to 90.14 USD/barrel. High energy price levels continue to increase concerns about inflationary pressure, thereby putting pressure on gold - an asset that does not yield yields.
Other precious metals also simultaneously went down. Spot silver price decreased by 1.45% to 58.86 USD/ounce; platinum decreased by 0.98% to 1,628.54 USD/ounce; palladium decreased by 2.79% to 1,273.25 USD/ounce.
